Locator: 48583AAPL.
I find this "sad."
From the linked article:
Warren Buffett spent six decades building Berkshire Hathaway BRK.B 1.80%increase; green up pointing triangle. But it was Apple’s
CEO, he said, who delivered the conglomerate its biggest windfall.
“I’m somewhat embarrassed to say Tim Cook has made Berkshire a lot more money than I’ve ever made,” Buffett said Saturday at Berkshire Hathaway’s annual meeting in Omaha, Neb. He closed the meeting with the surprise announcement that he is ready to step down.
The parting tip of the hat to Cook was classic Buffett—a nod to the humbling realities of the investing business and a reminder of the value of being willing to change one’s mind.
Buffett wasn’t big on technology bets in 2016, when he first bought shares in Apple. He and his investing partner, Charlie Munger, had generally stayed away from tech stocks, saying the two didn’t fully understand the fast-changing industry.
Apple turned out to be his greatest investment.
A Berkshire investment manager bought a small stake in the iPhone maker in 2016, nine years after its introduction. Around that time, Buffett asked another investment manager to find an S&P 500 stock that met three criteria.
Buffett wanted a company with a reasonably cheap price/earnings multiple of no more than 15, based on the next 12 months’ projected earnings, The Wall Street Journal previously reported. Berkshire managers had to be at least 90% sure that the stock would generate higher earnings over the next five years. And he wanted Berkshire to be at least 50% confident that the company would grow a minimum of 7% annually for at least five years.
The manager’s research pointed to Apple.
